Platinum has become one of the most highly sought after precious metals in the whole world. It’s so sought after, in fact, that it’s a close runner up to the value of gold. Its high-value potential has made it a great tool for investors to purchase and resell in order to earn a tremendous investment. But what is this metal’s history, and what makes it so valuable in the market? If you’re curious to learn more, then continue reading below. We’ve listed some important facets of platinum’s history in this article so that you can gain an understanding of how this precious metal’s value has developed over the centuries.
The History of Platinum
Platinum’s Early History
Platinum has been founded to be in objects dating as far back as 700 BC. One of its earliest uses has been to coat Egyptian sarcophagus’. By the 16th century, Spanish conquistadores have discovered more platinum in the earth as they were seeking gold. Not realizing that this was a precious metal, the conquistadores had dubbed this metal as a hindrance in their search for other riches. In fact, because it wasn’t recognized as a precious metal at the time, Spanish forgers would often use platinum to adulterate the gold coin. And it wasn’t until by 18th century that European scientists had begun to actually study this metal and were absolutely surprised by its properties (e.g. corrosion resistance and high melting point).
Through further research, by the 19th century, English scientists had finally developed a means of refining platinum and discovered a whole other set of metals that are collectively known as the Platinum Group Metals. When platinum’s melting point was discovered, forgers had utilized the precious metal to create laboratory equipment. It was also used to create crucibles for glass production.
Regions such as Canada, Colombia, and Russia were once the main source of platinum for the longest time, and a couple of those regions are still mined today. However, at some point during the mid 1920s, it was discovered that Africa housed a tremendous resource for the mining of platinum. And since then, Africa has remained the top region in the world for the mining of this precious metal. Africa produces roughly 75% of the world’s supply of platinum.
Throughout the past century, platinum has gradually been recognized as an important product used in industry technology. One of its earliest uses was as a catalyst in the oil refining industry. Later through the years, platinum would also eventually be produced into jewelry and be worn by many all over the world.
Later advances in the uses of platinum would further develop and it’s now most notably used in the catalytic converters of today’s automobiles. Many nations have demanded more eco-friendly utilization in the function of automobiles. Especially in China where the government has enforced practices of reducing their pollution. Due to this, platinum has increasingly become a highly valuable metal in today’s precious metal market.
Why is Platinum Such a Popular Investment?
As mentioned above, platinum has been a highly sought after precious metal needed in the production of automobiles. However, this isn’t the first time platinum has been recognized as a valuable commodity. At some point during the 1970s, popular use of platinum bars and coins had begun to take place. And this is because the oil crisis along with economic uncertainty had driven precious metal prices higher. Adding to platinum’s investment potential came the introduction of the British Isle of Man Noble Platinum Bullion Coins in 1983. Thanks to this coin’s popularity and success, other regions began to follow suit, and eventually, America produced the Platinum American Eagle Coin in 1997.
By the 2000s, the precious metal market was soaring and platinum had become the valuable investment it stands as today.
Want to Invest in Platinum? Look No Further Than William Youngerman
Ever since as a young child, William Youngerman has been pursuing his interests and developing his knowledge in the coins, bullions, and precious metal market; making him one of the top leading industry experts. If you’re ever interested in investing or even selling your platinum, believe us when we tell you that there’s no better choice than William Youngerman. When you choose William Youngerman today, we’re far more than confident that you’ll be added to our growing list of satisfied customers as you make the best investment with platinum. For any inquiries, you may call us at (561) 368-7707 or visit our contact page.